ANEL

Defiance Daily Target 2X Long ANET ETF seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Arista Networks, Inc. (NYSE: ANET). The fund is an actively managed exchange traded fund ("ETF") that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The fund manager is expected to allocate between 40% and 60% of fund's assets as collateral for swap agreements or as premiums for purchased options contracts. The fund is non-diversified.